Technology: Overall there is a Push for Banks to Digitize Quickly
#cryptocurrency #blockchain #banks #AI #knightsbridge #VirusCasedemic
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“We are seeing lots of evidence of the integration of blockchain technology, which underpins Bitcoin, Ethereum, KNIGHTS and Solana other digital coins” — Paul Ebeling
Examples include certain repurchase agreement functions being repurposed on digital ledgers. Also, securitized products are being digitized and used in offsetting accounts receivable/payables in 1 currency.
Overall there is a push towards digitalization, a trend that was well established before the VirusCasedemic, but has been accelerated by it. Banks are embracing technologies like artificial intelligence, machine learning, chat bots, and robots.
The VirusCasedemic caused millions of white-collar workers to work from home and rely on smartphones to shop and conduct business prompted financial firms to pivot quickly. Changes included how they carry out business, like handling customers and protecting against fraud.
The benefit of technology supporting those processes was huge causing a major uptick in adoption and in a migration toward cloud computing, and multi cloud strategies. So, those operational forces are here to stay.
Banking institutions are also starting to think beyond profits, to thinking about all stakeholders in their business. That includes the people the bank deals with, to the communities, the planet, and the purpose of their institutional mission, that narrative is a fundamental shift accelerated as a result of the virus environment.
Have a happy, prosperous weekend, Keep the Faith!
